Latex concentrate effluent contains high level of organic carbon and nitrogen, as reflected in the level of COD (up to 40,000 ppm) and total nitrogen (up to 4,000 ppm). This kind of waste is a dangerous pollutant. However, this effluent is potential to be used as growth media for Spirulina platensis, a blue green microalga widely used for food and feed supplements as well as for the source of various medical and pharmaceutical substances. S. platensis could grow mixotrophically on media containing latex concentrate effluent and reduce the pollution level of the waste. This paper discusses the cultivation of S. platensis on media containing latex concentrate effluent and potential use of the algal biomass produced based on its chemical composition. At optimum growth conditions, as much as 4.5 g dry biomass per liter of media was obtained. Analysis of the algal biomass shows that this material contains protein (about 65;w/w), carotenoids, riboflavin, and several fatty acids including oleic and gamma-linolenic acids. Other chemical constituents are still being exploited to enhance the efficiency of the algal cultivation.